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Net Income (Loss) per Share of Common Stock
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Net Income (Loss) per Share of Common Stock
Net Income (Loss) per Share of Common Stock

The following table sets forth the computation of basic and diluted earnings (loss) per share:
 
Three months ended June 30,
 
Six months ended June 30,
(dollars in thousands, except earnings per share)
2017
 
2016
 
2017
 
2016
Numerator for earnings per share:
 
 
 
 
 
 
 
Net income (loss) that is available to common shareholders
$
(832
)
 
$
8,695

 
$
(7,402
)
 
$
9,413

 
 
 
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
 
Weighted average shares outstanding
22,029,519

 
21,865,315

 
21,984,365

 
21,857,743

 
 
 
 
 
 
 
 
Denominator for diluted earnings per share:
 
 
 
 
 
 
 
Effect of stock options and restricted stock units
—

 
138,071

 
—

 
143,860

Adjusted weighted average shares and assumed conversions
22,029,519

 
22,003,386

 
21,984,365

 
22,001,603

 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
(0.04
)
 
$
0.40

 
$
(0.34
)
 
$
0.43

 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
$
(0.04
)
 
$
0.40

 
$
(0.34
)
 
$
0.43

 
 
 
 
 
 
 
 
Shares excluded from diluted earnings (loss) per share due to:
 
 
 
 
 
 
 
Net loss position (excluded from denominator)
60,141

 
—

 
111,791

 
—

Inclusion would have been anti-dilutive (excluded from calculation)
924,652

 
641,964

 
744,317

 
628,134



When applicable, diluted shares outstanding include the dilutive impact of restricted stock units. Diluted shares also include the impact of eligible employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. As part of the adoption of ASU 2016-09 as of January 1, 2017, anticipated tax windfalls and shortfalls are no longer included in the calculation of assumed proceeds when applying the treasury stock method.